Canada's economy added nearly four times the number of jobs forecasted for December and reached its highest number in almost two years, shrinking bets for a rate cut later this month though one is still expected by the majority of economists.

The December jobs report is set to be released later Friday morning and it's expected to show slowing growth. According to a survey of forecasters by the data firm FactSet, U.S. employers are expected to have added 153,

Canada's economy added nearly quadruple the number of jobs forecasted for December and the unemployment rate surprisingly ticked down to 6.7%, data showed on Friday, giving the central bank breathing room to determine the pace of further rate cuts.

U.S. job growth likely slowed to a still-healthy clip in December while the unemployment rate held steady at 4.2%, reinforcing the Federal Reserve's cautious approach toward interest rate cuts this year.